First National Bank (Milton, FL)

View Charter #7034 on SPMC View balance sheet

Episode Information

Episode UID
703401377
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
70340 national
Charter Number
7034
Start Date
September 2, 1914
Location
Milton, Florida (30.632, -87.040)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7f49cd1a48c393d8

Response Measures

Public signal of financial health, Full suspension, Books examined

Events (5)
1. November 9, 1903 Chartered
Source
historical_nic
2. September 2, 1914 Run
Cause
Rumor Or Misinformation
Cause Details
Report that the Milton bank was connected with the American National of Pensacola prompted withdrawals.
Random Run
Yes
Random Run Snippet
Report falsely linked bank to Pensacola failure; caused withdrawals
Measures
Ceased payments and notified state examiner; suspended operations
Newspaper Excerpt
The First National Bank of Milton, which had experienced a slight run on Tuesday, was forced to cease payments shortly after opening yesterday morning.
Source
newspapers
3. September 2, 1914 Suspension
Cause
Rumor Or Misinformation
Cause Details
Depositors, frightened by reports of connection to Pensacola bank, withdrew funds forcing suspension.
Newspaper Excerpt
Two small banks were forced to close their doors temporarily yesterday on account of their depositors becoming frightened and withdrawing funds until it became necessary to suspend.
Source
newspapers
4. October 9, 1914 Reopening
Newspaper Excerpt
The First National Bank of Milton which closed its doors on Sept. 2 ... reopened for business yesterday at noon.
Source
newspapers
5. March 27, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. September 3, 1914 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, September 3, 1914

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Article Text

FLOMATON AND MILTON BANKS CLOSE DOORS DEPOSITORS BECOME FRIGHTENED AND WITHDRAW MONEY TO SUCH EXTENT THAT THEY SUSPEND. Two small banks were forced to close their doors temporarily yesterday on account of their depositors becoming frightened and withdrawing funds until 1t became necessary to suspend. The First National Bank of Milton, which had experienced a slight run on Tuesday, was forced to cease payments shortly after opening yesterday morning. The bank of Flomaton had a run on Tuesday and the withdrawals were such that the officers decided not to open yesterday morning. The state bank examiner was notified and took charge. It was announced by the officers last night that while the bank would not re-open immediately that they anticipated resuming business when business conditions are improved. The comptroller of the currency was notified of the suspension of the First National of Milton and will appoint a receiver.

2. October 9, 1914 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, October 9, 1914

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Article Text

President Harvey is Con+ gratulated by the Citizens Of the County. DEPOSITS FOR DAY WERE OVER $6,500 Everybody in Milton Happy; Over the Bank's Reopening and There Was Quite a Demonstration - President Says Citizens Gave Unstinted Co-operation. The First National Bank of Milton which closed its doors on Sept. 2, following the suspension of the American National of Pensacola, reopened for business yesterday at noon. The reopening of the bank was the signal for a happy demonstration, in which President Harvey was congratulated by the citizens. A feature of the reopening was the confidence displayed by the people of Milton and Santa Rosa county who deposited their money in the bank, the deposits totalling $6,500 for the time the bank was open from 12 to 2 o'clock. President Harvey said last night that the citizens of the county had given the bank their unstinted cooperation. Speaking to a Journal representative over the 'phone last night Mr. Harvey said: "The First National Bank opened its doors at noon today, and it appeared that everyone in the county was happy that the institution had opened. The citizens here gave us their unstinted co-operation, and quite a demonstration followed the bank's opening. To further show their confidence in the bank, deposits amounting to over $6,500 were made by people of all classes. I believe the citizens of the county co-operated in every way, and I am sure the institution will strive to remember such help. "Our bank closed on September 2, following the closing of the American National in Pensacola, because of a report that we were connected in some way with the Pensacola bank. Such could not be so, because national banks have no connection with one another. A run started, however, and as a result, our doors were closed. Never for a moment was there any doubt of the bank re-opening, and the confidence shown today by our people goes to show that their confidence had always been strong with us, too."

3. July 20, 1929 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, July 20, 1929

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Article Text

Another Bank Closes Its Doors In Florida Reports of the closing the state Bank Pablo Jacksonville Beach reached the state banking today. Comptroller Ernest Amos said the bank liquid condition. but closprecaution when The bank Palbo the teenth bank which closed Florida this week and the Twenwithin weeks. Four others closed May and their president, John Fouts, Bartow, awaiting trial charge illegally lending himself funds. reassuring tion has from Washington dicating that lessening the fruit fly under consideration and that President Hoover plans recommend reimbursement for growers whose crops have been destroyed. This, together with growing public confidence, combined stop the runs Floridaa banks, the comptroller indicated.